Godwin ShaibuIn a move that holds the promise of transforming the African business landscape, Microsoft Corporation has announced its ambitious commitment to support 10 million small and medium-sized enterprises (SMEs) across the African continent by the year 2025. The announcement was made by Lillian Barnard, the President of Microsoft Africa, during a press conference held in Lagos.
This commitment to the African SME sector comes as part of Microsoft’s broader strategy, as the tech giant enters into a five-year strategic partnership with Flutterwave, a dynamic and innovative fintech company in the region. The partnership aims to provide a comprehensive suite of resources, essential infrastructure, and robust scaling support to SMEs. Microsoft envisions this support as a catalyst for nurturing their development and fostering strategic collaborations.
Ms. Barnard shared her insights, stating, “Microsoft is committed to fast-tracking economic growth in Africa through the transformative power of technology. A key part of this commitment involves enabling SMEs to acquire the digital financial tools and services they need to succeed. We believe that increased access to technology and innovation is the cornerstone for building thriving local businesses, which, in turn, will create stronger economies and pave the way for a brighter future for all.”
While acknowledging the formidable challenges that SMEs face across Africa, President Barnard was quick to underscore the latent opportunities that exist in the region for robust growth and development. She emphasized Microsoft’s determination to collaborate with fintech companies throughout Africa to drive progress within the SME sector, recognizing the crucial role of fintech in the economic growth of these businesses.
One of the major roadblocks faced by SMEs and startups on the continent is limited access to financial services and the ability to conduct seamless transactions using local payment methods. In response, the strategic partnership between Microsoft Azure and the payment technology company seeks to expedite payment innovation in Africa. By doing so, it aims to significantly contribute to the growth and empowerment of small businesses across the continent.
Ola Williams, the Country Manager of Microsoft Nigeria, also shared his insights during the press conference. He stressed that sustainable growth for Nigerian SMEs must begin with financial inclusion. Mr. Williams believes that this strategy will enable small businesses to transition from mere survival to thriving and competing effectively on a global scale.
He said, “To drive sustainable growth in Nigeria, small businesses need the ability to participate more actively in the local and even global marketplace. This begins with digital financial inclusion. If we want to build a more resilient country and ultimately a more prosperous continent, we must begin by giving these businesses the digital financial services they need, not just to survive, but to thrive.”
Microsoft’s ambitious pledge to support 10 million African SMEs by 2025 signifies a landmark development in the quest for economic growth and prosperity on the African continent. The collaboration with Flutterwave and the commitment to digital financial inclusion demonstrate Microsoft’s dedication to fostering a brighter future for businesses and individuals alike in Africa.
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